Or will it be a slow and steady pace, and best if we start with BRRR deals? 

I did a couple long term live-in "flips", but nothing at a quick pace (hence first "serious" deal).

I suspect that we will all be waiting a lifetime to see rates back to were they were 2 to 4 years ago.. so I would not bank on that.. as for pricing.. if its a place to live then you certainly can just wait and see.. its not like your homeless or need to move other than you don't care for your neighbors.. markets always slow about now.. what will be telling in my mind is were we are at next Feb March April in the buying season as it were.I was in a conference this week here in Vegas and some of the speculation is that many of the commercial type loans that had 5 , 7 and 10 year calls  are going to stress those that had max leverage.. as the rates rise the cap rates rise to keep pace thereby devaluing the properties.. to the point some of these investors are going to need to bring some to significant amount of fresh capital to pay down their debt to get a refi.. and that will stress those assets and there could be a real buying opp in that sector.. at least that's what I gleaned from the talk I listened to yesterday... hope you find that dream home in the country !!!

Prices can't continue at the rapid pace that it was on. 

Even with crazy high rents, when you have to get into a property for 1mil, it's just hard for the returns to out pace the cost of capital, especially when you factor in all the other costs.The oddity with the last observation is that without capabilities these markets also tend to be the biggest challenge from an execution standpoint for someone just starting out. 

What I do know is that prices cannot continue at the pace that it was on. 

I think someone can learn at a much faster pace and be much more prepared.

If applications are coming in at a blistering pace, then the rent might be too low.

I have narrowed my view to buy and hold mainly, for stability as well as less risk in starting, than some of the more fast paced options.

I foresee our markets continuing to move forward, at a gradual and safe pace, but I doubt we will ever see the massive spike that the coasts have, for better or worse.